The percent of receivables method
How do the percent of revenue method and the percent of receivables method to estimate uncollectible accounts expense differ? What are two ways in which estimating uncollectible accounts improves the accuracy of the financial statements?
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Gardeneer Inc. is planning to invest $184,000 in a new garden tool that is expected to generate additional sales of 7,500 units at $38 each. The $184,000 investment includes $54,000.
Luthan Company uses a predetermined overhead rate of $22.30 per direct labor-hour. This predetermined rate was based on 12,000 estimated direct labor-hours and $267,600 of estimated total manufacturing overhead.
Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labor hours. At the beginning of the year it estimated that its total manufacturing overhead would be $594,000 and the total direct labor would be 33,000 hours
On Sept. 25, 2010 a hurricane destroyed the work in process inventory of Biloxi Corporation. At the time, the company was in the process of manufacturing two custom jobs (B325 and Q428).
How do the percent of revenue method and the percent of receivables method to estimate uncollectible accounts expense differ?
$72,000 in raw materials were requisitioned for use in production. Of this amount, $62,300 was for direct materials and the remainder was for indirect materials.
Haven Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $600,000 and credit sales are $2,200,000. Management estimates that 1% is the sales percentage to use.
The Router Division has sales of $500,000, cost of goods sold of $350,000, operating expenses of $50,000, and invested assets of $400,000. What is the simple rate of return on investment of the Router Division?
If you are doing a depreication expense using a straight line or declining method, would you add a Surveyor fees in with the Cost - Residual Value or just the cost - residual value?
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